Restrictions on Free Money for Switching Banks

LSDeals

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

WillPS

LSDeals said:

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

Any bank or building society which offers the Current Account Switch Guarantee:

https://www.currentaccountswitch.co.uk/banks-building-societies/

The 3 you list are all participants in the scheme. Note that

• Starling block those who've switched away from opening a new account for 12 months
• Monzo block those who've switched away from opening new accounts indefinitely
• Chase will not allow you back once you switch away your last current account held with them, so make sure you keep at least 1 open (unless you don't care about being allowed back)
  

Gene_Meanie

Nat West Switching Offer. A year or so ago I got a switching bonus from Nat West for transferring an account in my sole name in. I then opened the new account with Nat West as a joint account for my wife and I . 

If my wife now transfers an account in her name only in from elsewhere  to Natwest, opening a  new account in her sole name will she be eligible for the £200 payment or will it be refused because I got a payment for opening the joint account?

The Natwest rules say that you will be ineligible if you have received a payment since 2020. Technically she didn't, I did, but the account opened was a joint one with her name on it as well.

Any help/comments welcomed.

PRAISETHESUN

LSDeals said:

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

You need to check each individual offer T&Cs for restrictions as they will differ between banks, but in general you need to make use of CASS. A list of banks which participate in CASS is linked in the post above. Monzo, Starling, Chase all participate in CASS.

Gene_Meanie said:

Nat West Switching Offer. A year or so ago I got a switching bonus from Nat West for transferring an account in my sole name in. I then opened the new account with Nat West as a joint account for my wife and I . 

If my wife now transfers an account in her name only in from elsewhere  to Natwest, opening a  new account in her sole name will she be eligible for the £200 payment or will it be refused because I got a payment for opening the joint account?

The Natwest rules say that you will be ineligible if you have received a payment since 2020. Technically she didn't, I did, but the account opened was a joint one with her name on it as well.

Any help/comments welcomed.

Re-reading this, as long as the joint account never received an incentive, and you only received a switch incentive to your sole account then she will be fine to open a sole account in her name and switch for the incentive. 

Generally this is the exact reason why it is recommended to only switch sole accounts if you are looking to maximise account switching incentives.

Speedbird676

WillPS said:

LSDeals said:

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

Any bank or building society which offers the Current Account Switch Guarantee:

https://www.currentaccountswitch.co.uk/banks-building-societies/

The 3 you list are all participants in the scheme. Note that

• Starling block those who've switched away from opening a new account for 12 months
• Monzo block those who've switched away from opening new accounts indefinitely
• Chase will not allow you back once you switch away your last current account held with them, so make sure you keep at least 1 open (unless you don't care about being allowed back)
  

Is that a new restriction from Monzo?

I have had two Monzo accounts (2020 and 2022) and both were switched elsewhere.

WillPS

Speedbird676 said:

WillPS said:

LSDeals said:

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

Any bank or building society which offers the Current Account Switch Guarantee:

https://www.currentaccountswitch.co.uk/banks-building-societies/

The 3 you list are all participants in the scheme. Note that

• Starling block those who've switched away from opening a new account for 12 months
• Monzo block those who've switched away from opening new accounts indefinitely
• Chase will not allow you back once you switch away your last current account held with them, so make sure you keep at least 1 open (unless you don't care about being allowed back)
  

Is that a new restriction from Monzo?

I have had two Monzo accounts (2020 and 2022) and both were switched elsewhere.

I'm not sure, but I have read that it can be worked around by using a new phone number.

danny13579

Monzo's restriction is 30 days.

jules888

LSDeals said:

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

Hubby just tried Kroo and was rejected.Wish he had seen the list on here before trying to switch.

WillPS

jules888 said:

LSDeals said:

When switching banks for the free money incentives, has anyone found any restrictions on which bank accounts can be switched. For example can Chase, Monzo or Starling accounts be used and are they eligible?

Hubby just tried Kroo and was rejected.Wish he had seen the list on here before trying to switch.

Kroo aren't a member of the Current Account Switch Guarantee:

https://www.currentaccountswitch.co.uk/banks-building-societies/